What is BitMEX? Instruction on registration and trading on BitMEX

By F | Exchanges

Introduction of BitMEX trading platform

BitMEX is an exchange Bitcoin and other cryptocurrencies are derivatives of Bitcoin with leverage up to x100 times.

Founded in 2014 in Hong Kong, Bitcoin Mercantile Exchange - or BitMEX is the floor owned by HDR Global Trading Limited.

This is the largest cryptocurrency exchange.

At the time of writing, BitMEX is the largest volume trading platform, approximately 140.000 BTC (above statistics). CoinMarketCap), with over 13 million monthly visits.

Features of BitMEX floor

On BitMEX you can only deposit or withdraw Bitcoin. After depositing BTC into the wallet on BitMEX, the amount of BTC will be put into a cold wallet to ensure safety.

Your BTC amount will be exchanged for XBT (you can consider this as your BTC value on BitMEX).

From there you use it to buy other altcoins (essentially derivatives of these altcoins) and conduct transactions on the exchange.

This means you do not need to actually own coins to trade them. You can learn more about the difference of BitMEX with other exchanges here.

Other coins Bitcoin in that they are all derivatives of Bitcoin.

So the fact that you are trading on BitMEX with these coins is actually you are trading based on the increase or decrease of that coin.

This makes BitMEX different from other big exchanges like KuCoin, Binance, Huobi ..

Allow users to trade margin (margin trading) with leverage up to x100.

This leverage is only applied when trading with BTC (also known as XBT on the floor).

This means that even if you trade Altcoins other than BTC, your profit / loss will be calculated in BTC.

Prices on BitMEX are aggregated from 2 UK BitStamp and US GDAX platforms at the rate of 50-50%.

In the future, this rate may change. Of course, they will officially announce when there is a change.

BitMEX's opponents are Deribit, OKCoin, CrytoFacilities ..

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Coin98 currently has a special support team for those who register for SnapEx account through the link of Coin98.


You can register your account via the link below, and then contact with Duc Viet to be added to the support group!

Transaction fees on BitMEX

BitMEX does not charge a fee whenever you deposit or withdraw Bitcoin.

Transaction fees on BitMEX:

For traditional futures contracts, transaction fees are calculated according to the following fee schedule:


Explain:

  • Maker Fee: Fee of the order maker
  • Taker Fee: Charges of people matching orders
  • Settlement Fee: This fee is only charged when the contract is made.

When you deal with a perpetual contract, this fee is zero.

In the table above you can also see the Settlement Fee of Bitcoin (XBT) is 0.05%, other coins are equal to 0.

Advantages of BitMEX
  • Large trading volume (is the "cryptocurrency" exchange with the largest volume in the market currently). You can easily liquidate your assets.
  • Large leverage up to x100 times. Outperform other competitors like OKCoin x20 times, Bitfinex x3.33 times.
  • Low transaction fee of only 0-0.25%
  • High security: When you deposit Bitcoin into BitMEX, BTC will be stored in cold wallets, isolated from the Internet environment to help ensure your assets.
  • Deposit / Withdraw: you can deposit Bitcoin 24/7, but when withdrawing BitMEX, there is a manual method (2 employees verifying transactions - reconfirming this information).

    Until 13:00 UTC, new requests are approved daily, at this time the BTC will be withdrawn to your wallet. This increases security.
Disadvantages of BitMEX
  • BitMEX is primarily for professional traders, so new players will find it quite difficult to use.

  • There is no USDT support, so players do not have a safe place to stay when the market is stormy.

  • No App on mobile, a bit inconvenient for traders to move a lot.

Instructions for registering and verifying an account

create Account

First, you access the link: https://coin98.net/go/san-bitmex

You fill in the above table, check the box "I accept the Terms of Service". Then, Click the Register box.

BitMEX will send a confirmation to the registered email address.

Now, you just need to go to that mail, Click on the "Verify my Email”Is done. So you have successfully created an account on BitMEX.

Verify account


BitMEX does not require account verification by sending a photo of Passport or CMT. You can deposit Bitcoin into your wallet and exchange at the same time.

Privacy settings with Google Authenticator

This is a necessary installation step for you to enhance the security of your account.

First, you access your Account by accessing the following link: https://www.bitmex.com/app/account.

At the item Security, the line "Enable Two Factor-Auth”, Click on cell => select Google Authenticator.

You will see the QR Code appear for your account. Your task now is to open the Google Authenticator App on your phone, then scan this code.

Then enter the 6-digit number of BitMEX in the Phone App into the box and then press Submit is finished.

Note: You should save your Google Authenticator KEY by taking screenshots or writing on paper. In case of phone loss, you can use this KEY to add BitMEX to Google Authenticator again.

Once you have enabled the security feature with Google Authenticator, every time you log in or withdraw money from your account, BitMEX will ask you to enter an additional 6 numbers on the Authenticator application. This will help secure your account a lot more.

If you do not know how to use Google Authenticator, you can see the detailed instructions of Coin98: What is Google Authenticator?

Basic trading guide on BitMEX

Virtual currencies are being traded on BitMEX

  • Bitcoin (XBT)

  • Cardano (ADA)

  • Bitcoin Cash (BCH)

  • EOS Token (EOS)

  • Ethereum (ETH)

  • Lite Coin (LTC)

  • Tron (TRX)

  • Ripple (XRP)

Instruction to deposit BTC into BitMEX wallet

To be able to trade on BitMEX, first you need to deposit BTC into the wallet address on the exchange.
In the main screen, you choose Account -> Deposit, or you can access the link directly: https://www.bitmex.com/app/deposit

Here, you will see the Bitcoin wallet address provided by BitMEX. The next is to deposit BTC into the above address.

Note: BitMEX only allows to withdraw and withdraw Bitcoin, you absolutely do not send any Coin or Token other than BTC. You can load a minimum of 10000 Satoshi (equivalent to 0.0001 XBT).
Instructions to withdraw BTC from the wallet on BitMEX

To withdraw BTC from BitMEX, first you enter Account -> Withdraw. Or you can access the following link: https://www.bitmex.com/app/withdraw


At this interface, you need to fill in the following:

  • Destination Address: Enter the wallet address that you want to receive.
  • Amount (XBT): The number of XBT that you want to withdraw.
  • Bitcoin Network Fee (XBT): This is the transaction fee that you need to pay to make this transaction. BitMEX recommends that you choose from 0.0002 to 0.001 so the transaction takes place quickly.
  • Two-Factor Token: Enter 6 Google Authenticator numbers.
  • Confirmation: This section displays a summary of the sibling information just above. Please double check once before confirm.

After checking all the information, click the button Submit To confirm.

Shortly thereafter, BitMEX will send you a confirmation email about this transaction into the mailbox that you originally registered.

Go to that mail and press the button Confirm Withdrawal for final confirmation. So the completion of withdrawing BTC from BitMEX on your wallet.

Some note:

  • BitMEX transaction confirmation email is only valid for 30 minutes. After this period, if you do not Click Confirm Withdrawal, the withdrawal of BTC will be canceled.
  • There will be 2 employees of the floor to check and confirm this transaction of you. This is done at 13:00 UTC (20:00 Vietnamese time). Immediately after 20:00 you can receive BTC.

Before 20:00 you can still cancel the withdrawal order by entering Account -> Withdraw.

On the right, inside Withdrawal History, you find the transaction you want to cancel, then Click the red [x] button to send a Cancel request. It is done.

Instruction to trade on BitMEX

To access the Trade interface, on the main screen, click Trade or visit the link https://www.bitmex.com/app/trade

Trading interface on BitMEX

This Trade interface is also quite familiar to those who have experienced Trade.

On this Trade screen:

  • Recent Trades: New trade orders have been made recently
  • Chart: Price graph
  • Order Book: The buy / sell orders are being ordered, including buy / sell price, buy / sell quantity and total USD value of these orders.
  • Place Order: area to allow you to place Buy / Sell orders directly on the floor. Coin98 will guide in detail how to place buy / sell orders right below.

BitMEX supports the following trading orders:

  • Limit Order: Match the order at the price you want to trade.
  • Market Order: Execution of orders at the current market price.
  • Stop Limit Order: Fulfill an order at the Limit price or better when the order is placed at "Set Sell Stop"
  • Stop Market Order: Similar to the Stop Limit Order, the only difference is to replace the Stop Limit with the current market price when the order has been met.
  • Trailing Stop Order: Similar to the Stop Market order, but the price for matching orders will slide according to the market price.
  • Take Profit Limit Order: Take profit at the price set at "Limit".
  • Take Profit Market Order: Take profit at the market price.

Orders on BitMEX

I will show you how to place a Buy order in the Litmit Order.

For example: You expect XBT price to go down from US $ 6300 to US $ 6201. And want to spend 1000 USD to buy XBT with the leverage is x50 times.

You need to enter the following:

  • Quantity: 1000 (USD)
  • Stop Price: 6201.0 (USD)
  • Leverage: Pull up x50

Finally Click the Buy Long button. The floor will automatically execute orders when the market price falls to 6201 USD.

Similarly with the Sell command, the only difference is in the "Limit Price"You enter the XBT price you want to sell.

Conclusion

BitMEX is a professional Bitcoin and altcoin trading platform, suitable for experienced traders.

With the largest trading volume today and high liquidity, BitMEX is a potential exchange that new traders should consider.

Hopefully, with the previous instructions, you have been able to create an account and conduct steps to deposit / withdraw BTC on BitMEX.

Coin98 Always looking forward to receiving comments and ready to answer your questions. Comment in the comments section for us to discuss!

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